In the Money with Amber Kanwar

Adam Waterous: Canada Can Become the Next Energy Superpower

Canada has spent years talking about its energy potential. Adam Waterous thinks the country is finally ready to realize it.In the third episode of our special summer innovation series, Can Canada Meet the Moment?, host Amber Kanwar sits down with Adam Waterous, CEO & Managing Partner of Waterous Energy Fund, to discuss why he believes Canada has a once-in-a-generation opportunity to become a global energy superpower.Waterous lays out his “down five, up five” thesis: over the next decade, he expects U.S. oil production to fall by roughly five million barrels a day while Canada has the potential to add five million—doubling its production and putting it in a position to compete with Saudi Arabia as one of the world’s largest oil producers.But getting there won’t be simple. Waterous breaks down the compromises behind Canada’s new energy ambitions, why the public sector is taking a bigger role in pipeline development, the regulatory and tax hurdles still facing producers, and what needs to happen to attract investment and actually fill those pipelines. He also explains why he believes the shift could be transformational for the Canadian economy and fundamentally change Canada’s leverage with the United States.Plus, Waterous discusses how he’s positioning his own companies for this new era, why long-life oil assets matter, what he looks for when buying energy assets, and where he sees opportunities after years of consolidation.Can Canada meet the moment? Waterous is unequivocal: he believes Canada’s position in the world has never been stronger.This interview was recorded during the Calgary Stampede, prior to Greenfire Resources announcing its $1.28-billion cash deal to acquire privately held heavy oil producer Connacher Oil and Gas Ltd on July 13, 2026.Timestamps00:00 Intro and sponsor message02:44 Canada’s energy moment03:23 The “down five, up five” thesis06:46 The GDP impact of growth08:03 The federal shift on energy13:37 Public vs. private sector paths17:09 Pipeline economics explained23:09 Carbon tax and production incentives28:33 Will investors come back?31:26 Why U.S. energy is vulnerable33:27 How he values assets35:25 Why scale matters in oil sands38:15 Greenfire and the neighborhood strategy41:51 Can Canada meet the moment?SponsorsThis show is brought to you by Forum Asset Management, presenting sponsor of our Innovation Special: Can Canada Meet the Moment. Learn more at https://forumam.com.Thank you to our partners at ATB Financial.  ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.Contact: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Canada Is Losing Founders. Can It Turn Things Around?

Canada has no shortage of world-class entrepreneurs—but are we creating the right conditions for them to build the next generation of global companies here at home? In the second episode of our special summer series Can Canada Meet the Moment?, host Paige Ellis sits down with two successful Canadian founders who offer very different perspectives on one of the country's biggest economic challenges.Michele Romanow, "Dragon" on CBC's Dragons' Den and Co-Founder of Clearco, argues Canada is making it harder to build and scale startups. She explains why more founders are choosing the U.S., how Canadian policies can discourage innovation, why we protect incumbents instead of challengers, and what needs to change if Canada wants to keep its best entrepreneurs.Laura McGee, Co-founder of Arterra and Executive Chair of Diversio, offers a more nuanced view. Drawing on her experience building businesses in both Canada and the United States, she explains why founders look south for capital, the cultural differences between the two countries, what Canada gets right, and why she believes Canadian entrepreneurs can still build world-class companies from home.If Canada wants to become a global innovation leader, what has to change? This conversation explores the policies, culture, capital, and mindset shaping the future of Canadian entrepreneurship.Subscribe to In the Money with Amber Kanwar for more conversations with the investors, founders, and business leaders shaping Canada's future.Timestamps00:06 Can Canada Meet the Moment brought to you by Forum Asset Management01:02 Meet Michelle Romanow02:34 Rapid-fire warmup08:21 Founder identity11:11 Why Canada loses startups14:11 Policy vs culture20:16 Rewarding oligopolies25:51 Founders voting with their feet27:31 Defense, health, and AI38:10 Canada’s AI opportunity43:01 Meet Laura McGee47:17 Diversio fundraising struggle53:02 Delaware structure and Canada01:05:52 Silicon Valley Bank collapse01:13:45 — What Canada must changeSponsorsThis show is brought to you by Forum Asset Management, presenting sponsor of our Innovation Special: Can Canada Meet the Moment. Learn more at https://forumam.com.Thank you to our partners at ATB Financial.  ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit ATB.com/inthemoney for more information.For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Thank you to our partners at Hamilton ETFs. For more information visit hamiltonetfs.com Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.Contact: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Can Canada Meet the Moment? Jim Balsillie Doesn't Hold Back

Canada has no shortage of breakthrough ideas. The problem, Jim Balsillie argues, is that too many of them create jobs, wealth and prosperity somewhere else. He even describes Canada as a "global philanthropist"—a country that invents world-changing technologies but lets the economic benefits accrue elsewhere. As Canada prepares to host the Prime Minister's first-ever Canada Investment Summit this September, we're kicking off our special summer series, Can Canada Meet the Moment?, with one of the country's most influential voices on innovation.Hosted by Paige Ellis, the first episode features Jim Balsillie, Retired Chairman and co-CEO of Research In Motion (BlackBerry) and Co-Founder & Chair of the Council of Canadian Innovators. Balsillie argues Canada's biggest challenge isn't innovation—it's public policy.Drawing on his experience building BlackBerry into one of the world's most successful technology companies, Balsillie explains why Canada continues to lose startups, talent and intellectual property to the United States, why he believes government policy has put "wind in the face" of Canadian entrepreneurs, and what must change if Canada wants to compete in AI, advanced technology and the industries of the future. He also reflects on BlackBerry's rise and decline, the lessons Canada still hasn't learned, and why he believes Canada can reverse decades of economic decline if it rethinks how it supports innovation.Throughout this special series, we're asking one question: Can Canada meet the moment? From innovation and entrepreneurship to natural resources, capital and public policy, we'll explore what's working, what's broken, and what it will take for Canada to build the next generation of globally competitive companies.Timestamps0:06 Can Canada Meet the Moment presented by Forum Asset Management0:50 Amber asks Can Canada Meet the Moment?1:40 Amber welcomes Paige3:30 The Canadian startup pipeline is shrinking05:30 The blackberry story & Jim Balsillie6:45  Canadian inventions game9:06  Jim Balsillie joins 10:51 Jim’s path to Waterloo13:30 U.S. investors vs. Bay Street16:02 Building in Canada17:49 Policy and entrepreneurship23:06 Canada’s AI strategy28:46  Losing value abroad33:22 AI vs. BlackBerry35:07 AI and jobs38:18 Young workers and AI42:04 Canada’s losses43:10 Why Jim stays focused on CanadaSponsorsThis show is brought to you by Forum Asset Management, presenting sponsor of our Innovation Special: Can Canada Meet the Moment. Learn more at forumam.com.Thank you to our partners at ATB Financial.  ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit ATB.com/inthemoney for more information.For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Thank you to our partners at Hamilton ETFs. For more information visit hamiltonetfs.com Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.Contact: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The Best (and Worst) Stock Picks of 2026... So Far

Which fund managers made the best calls of the year? Which stocks soared, which ones crashed, and what can investors learn from the biggest surprises of 2026 so far?In this special mid-year review, Amber Kanwar and Executive Producer Jillian Glickman look back at every Pro Pick featured on In the Money over the past year. They reveal the top-performing stocks, the biggest disappointments, and rank the fund managers whose ideas delivered the strongest returns. From AI memory-chip winners like Samsung (KRX: 005930) to Bird Construction (TSX: BDT), Canada's energy boom, hard assets, healthcare, and the surprising absence of the Magnificent Seven from the top of the leaderboard, they break down the trends that have defined the market so far.They also revisit some of the show's most memorable investment stories—including Better Home & Finance (NASDAQ: BETR), Marvell Technology (NASDAQ: MRVL), Sprott Inc. (TSX: SII), OpenDoor Technologies (NASDAQ: OPEN), Boston Scientific (NYSE: BSX), and more—and discuss what worked, what didn't, and why patience can be one of an investor's greatest advantages.Plus, Amber and Jillian share highlights from the podcast's incredible year, including the growth of In the Money, the Calgary Stampede live show, a preview of the upcoming Canadian innovation series, and what's coming this fall.Whether you've followed every Pro Pick or are looking for new investing ideas, this episode is your mid-year report card on the market—and on the experts who called it best.Timestamps0:00 Trailer1:51  Welcome to the mid-year review2:18  Market backdrop and how the year has unfolded5:40 Top-performing stocks11:15 Most popular stock pick13:00 Better Home and Finance discussion14:43 Hamilton ETFs - MIX16:42 Worst-performing stocks22:36 ATB Pro Picks23:05 Top fund managers honourable mentions26:40 Top Fund Managers28:40 Top three fund managers33:18 Upcoming August special and September plans34:34 Swag store announcement35:26 — OutroSponsorsFor over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. Hamilton ETFs Disclaimer This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.Volatility is measured using standard deviation, which quantifies how much an investment’s returns deviate from its average return over a ...

Canada's Rally Isn't Over—But You Need to Be Much More Selective

If you're looking to build a portfolio for the next decade—not chase yesterday's winners—Garey Aitken says it's time to get much more selective. Canada's rally may not be over, but after one of the strongest runs in years, finding value has become much harder. The Head of Canadian Equities at Franklin Templeton's ClearBridge Investments joins Amber Kanwar to explain where he's taking profits, why he still likes energy, and the overlooked companies he believes could be the market's next winners.In the mailbag, Garey weighs in on viewer questions about Intact Financial (IFC), CGI (GIB.A), Shopify (SHOP), TMX Group (X), and Metro (MRU). He shares his outlook on AI disruption across Canadian companies, explains why some high-quality businesses may be getting punished too severely, and discusses which names he'd still buy, hold, or avoid at today's prices.In Pro Picks, Garey revisits his previous top ideas—including Canadian Natural Resources (CNQ), Canadian National Railway (CNR), and Fortis (FTS)—before revealing three new high-conviction opportunities: Boyd Group Services (BYD), Stantec (STN), and Thomson Reuters (TRI). These are companies he believes have been unfairly sold off, offering investors the chance to buy quality businesses without falling into the trap of chasing expensive momentum stocks.Timestamps00:00 Trailer02:20 Intro03:45 These are the golden years, but borrowing from the future06:30 Is Garey taking profits and the anatomy of the rally09:00 Why Garey is a little nervous about his bank exposure11:30 Garey called the energy bottom, is the reward still there? 15:00 Hamilton’s Enhanced Mixed Asset Allocation ETF- MIX17:00 ITM Mailbag- Intact Financial stock (IFC)19:30 CGI Group stock (GIB.A)24:00 Shopify stock (SHOP)27:40 TMX Group stock (X)30:45 Metro stock (MRU)35:00  Garey’s Past & Pro Picks (CNQ, CNR, FTS, BYD, STN, TRI)For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Intact Financial, Canadian National Railway and Canadian Natural Resources which are all stocks Amber owns.Hamilton ETFs Disclaimer This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.Volatility is measured using standard deviation, which quantifies how much an investment’s returns deviate from its average return over a given period. Drawdown: The percentage drop from an investment’s peak value to its lowest point.In the Money delivers...